First time purchase- POS question

[Colleen Barone]

Hi,

I am in the process of buying my first investment property and am using a realtor. About 5 days before closing, I found out there are POS violations; I was told by my realtor the old report expired and the inspector went out on 7/1. A new POS report was sent to me. 

My question is the old POS report that expired was valid for one year. So, the sellers were informed as to what needed to be taken care of. I know I can assume everything on the report. I guess I am trying to understand how I am just finding out about this right before close. Is this something my realtor should have looked into; asked about the POS report and either found out the sellers weren't going to fix things or ask for proof they were compliant? 

I am trying to educate myself so I just keep getting better at this process. Any insight would be appreciated!

[Patrick Drury]

@Colleen Barone
As @Nathan Gesner Mentioned you are supposed to but in reality 9/10 deals that get sold in areas with a POS will not have a POS report provided prior to writing an offer. Usually, agents are lazy and want to get it on the market ASAP or the seller asks them to wait. The issue with the POS is if the seller orders and doesn't sell they have to make the repairs eventually within a specified timeframe since a buyer never assumed the violations and made the repairs. I try and recommend to all my clients if they are looking at investing in an area with a POS to just look elsewhere like on the west side in areas with no POS or make the offer contingent upon a satisfactory review of the POS report prior to closing.